SANTA ROSA, Calif. (9/26/13)--The Santa Rosa (Calif.) City Council this week decided to provide three local credit unions with up to $250,000 apiece to try to keep that money circulating in the local economy.
The three credit unions chosen were Santa Rosa-based Redwood CU, Community First CU and Sonoma County Grange CU. Two local banks also were chosen (pressdemocrat.com Sept. 24).
The financial institutions were selected because they met criteria to ensure the public funds would be liquid, safe and ensure a fair return, the newspaper said.
The real value in investing the money locally is accrued from its multiplier effect in the local economy--which the credit unions and banks should make available for business and consumer loans, Arvin Look, city financial planner for Santa Rosa, told the publication.
Removing barriers, fostering service excellence and raising awareness about the value credit unions provide their members and communities are the foundation for the Credit Union National Association's, state credit union leagues' and credit unions' Unite For Good campaign toward a vision in which Americans choose credit unions as their best financial provider.